British IT services provider AllServe acquired telemarketing agency Aegis Communications Group for $22.75 million, Aegis said yesterday.
Along with the cash payment, AllServe agreed to assume all Aegis trade liabilities. In a statement, Herman Schwarz, president/CEO of Aegis, said the telemarketing agency had negotiated an extension of its bank line earlier this year but later decided to seek a merger partner after it became clear the company needed to find a new source of funding by the end of the year.
Aegis, Irving, TX, will become a subsidiary of AllServe, which is based in Ascot, England. Aegis said it will repay its lenders using the cash proceeds of the merger and does not anticipate a payment to stockholders as a result of the acquisition.
The company said it expected to complete the merger during third-quarter 2003.
